This is set to be the slowest August for flotations in more than a decade, but far from abandoning their desks for the beach, some bankers have cancelled holidays to prepare for a torrent of deals in September and October.

By August 20, there had been only two initial public offerings in Europe, which Dealogic said were worth $53 million. By volume and value it could be the quietest August since 2003, when there were five IPOs worth $7 million.